Take home exam for law and ethics Essay Example | Topics and Well Written Essays - 1750 words - 1

Take home exam for law and ethics - Essay Example The international financial crisis stimulated the G7 to lead to foster international codes of conduct to administer and control the activities of financial corporations and institutions in emerging and developing economies thereby focusing the corporate governance to center stage. As per Okinawa (2000), G8 placed a new stress on accountability and transparency, on fighting tax evasion and money laundering, on creating corporate demeanor to cherish new precedence of human security and on establishing the regulations to design the revolution for information technology. These policy decisions made the corporate governance of core concern to the G8 over a wide policy terrain. (Fratianni, Savona, Kriton 7). The recent global financial crisis and the resulting international economic meltdown are due to inefficient corporate governance procedure and rules. The unprecedented bailouts and financial packages in USA, UK and other nations have eaten away trillion of taxpayers’ money and have yet to stimulate or energize the concerned economy and the capital markets. The general observation is that offering subsidies to distressed companies does not yield any desired results, whereas better corporate governance and accountability should enhance the global economy. It is suggested to prevent recurrences of recent global financial crisis, it is suggested to establish an enforceable and effective global corporate governance guideline and rules to make companies accountable globally to their shareholders. ( Baker & Anderson 596). To a larger extent , the poor corporate governance practices were , if not wholly, accountable for the international financial debacle which was kicked-off by a melt-down of US economy in 2008 and 2009 , particularly in financial and banking sectors. (Plessis et al 308). It is to be observed that UK Combined Code deals